SEC filings by Roku, Roblox, and others disclose their exposure to SVB

sec filings by roku

As we know from SEC filings, the collapse of Silicon Valley Bank is negatively impacting a wide range of startups and larger companies, including Roku, Roblox, Quotient, and others that are publicly traded. Variety reported first that Roku held around $487 million at SVB as of March 10, 2023, representing 26% of its cash and cash equivalents. According to the company, the remaining $1.4 billion balance is split among other large financial institutions.

Currently, Roku does not know if it will be able to recover its cash on deposit at SVB. Despite the closing of SVB, the Company believes it will be able to meet its working capital, capital expenditures, and material cash requirements from known contractual obligations for the next twelve months and beyond with its existing cash and cash equivalent balance and cash flow from operations.

Roku just reported a fourth-quarter earnings beating Wall Street expectations with $867.1 million in revenue versus $801.69 million, and a loss of $1.70 per share versus $1.72 expected by Wall Street. However, the company’s Q1 2023 guidance has still been cautious, citing the current macroeconomic environment. Roku shares have since fallen by more than 3% in after-hours trading. Yesterday, Best Buy announced its advertising partnership with Roku.

In a recent filing, Roblox revealed that 5% of its cash and securities balance, totaling $3 billion, was being held at SVB as of Feb. 28, 2023. Despite the bank’s failure, the gaming platform assured investors that it would not affect their day-to-day operations. An upgrade from Jefferies analyst Andrew Uerkwitz also affirmed Roblox’s growth potential in spite of economic concerns. These updates highlight the close relationship between the now-defunct bank and various companies like Roblox.

rsified banking relationship with multiple financial institutions, including SVB UK Limited, where it holds $400,000. Rocket Lab USA reported having $38 million in cash held at SVB, which constitutes 7.9% of its total cash as of Dec. 31, 2022. Vimeo also disclosed that it maintains accounts with SVB and has a balance below $250,000 that is insured by FDIC. Despite holding funds at SVB, all companies are confident in their overall liquidity and have established relationships with additional financial institutions to ensure financial stability.”

y the FDIC, causing other companies to take measures to reassure investors that they were not affected. SoFi took to social media and also made a filing stating that their assets were not with SVB and that their exposure was minimal, at less than $40 million in lending facilities which remained unaffected by the receivership of Silicon Valley Bank. Similarly, fuboTV filed its own announcement to inform shareholders that it had no deposit or investment with SVB. All these efforts showed an attempt by these companies to prevent any negative impact on themselves from this unfortunate event.

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